Project Methodology: Definition, Role, Differences, Similarities, and Project Lifecycle

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Project Methodology Page 2 of 7
Table of Contents
Task 1...................................................................................................................................................3
a. Definition......................................................................................................................................3
b. Role...............................................................................................................................................3
Task 2...................................................................................................................................................3
a. Differences....................................................................................................................................3
b. Similarities...................................................................................................................................4
Task 3...................................................................................................................................................4
References............................................................................................................................................6

Project Methodology Page 3 of 7
Task 1
a. Definition
A particular set of activity and a particular sequence of activity in the project by following
which the project can get certain benefits and improve the probability of getting success by
reducing risk factors are called the methodologies to manage a project (VisualParadigm,
2019). For different categories of project, the sequence of activities is different, and so the
project manager should select the one with utmost care.
b. Role
i. The right choice of project management methodology can help in reducing the risk
present in the project due to having prior information regarding the probable issues
(Alexander, 2018).
ii. It can help in developing a better collaboration among the team members due to the
presence of well-defined roles and responsibilities.
iii. It can be useful for the appropriate recruitment planning by Human Resource
Department because of the knowledge regarding the requirement of particular skilled
manpower during the project lifecycle.
iv. It can be useful to identify the wastages present in the project so that they can be
reduced to improve the quality of the product and reduce the cost of implementation.
v. It can be useful for delivering critical projects as the project management team can get
time to reduce the criticality rather than getting involved into the complex
communication during project management as it is well defined since the beginning of
the project itself.
Task 2
a. Differences
The difference between two famous methodologies are discussed below (Viergever, 2015):
PRINCE2 Sl. No. Waterfall
The main driver of the project is business
case and its requirements
1 The main driver of the project is the
overall budget planned in the initial
stage
The project is thought to be driven in the
controlled environment condition.
2 The project is given with constraints
of cost and duration and so is
controlled accordingly.